There’s no substitute for an accounting pro who knows the ins and outs of tax law, but today’s desktop packages can help you with everything from routine bookkeeping to payroll, taxes, and planning. Each package also produces files that you can hand off to an accountant as needed.

Small-business managers have more accounting software options than ever, including subscription Web-based options that don’t require their users to install or update software. Many businesses, however–including those that need to track large inventories or client databases, and those that prefer not to entrust their data to the cloud–may be happier with a desktop tool.

We looked at three general-purpose, small-business accounting packages: Acclivity AccountEdgePro 2012 (both the product and the company were previously called MYOB), Intuit QuickBooks Premier 2012, and Sage’s Sage 50 Complete 2013 (the successor to Peachtree Complete). All three packages offer a solid array of tools for tracking income and expenses, invoicing, managing payroll, and creating reports.

These full-featured and highly mature programs don’t come cheap. Acclivity AccountEdge Pro, at $299, is the least expensive; and prices climb if you opt to use common time-saving add-ons such as payroll services, or if you add licenses for multiple user accounts.

All three are solid on the basics, but they have distinct differences in style and focus. The more you know about your accounting requirements, the more closely you’ll want to look at the software you’re thinking of buying.

Sage 50 Complete should appeal most to people who understand the fine points of accounting and can use the product’s many customization features (especially for businesses that manage inventory).

QuickBooks works hard to appeal to newbies who need only the basics and might be intimidated by the level of detail and technical language exposed in the other two packages. At the same time, it also has a slew of third-party add-ons that meet specific needs and greatly expand its capabilities.

AccountEdge Pro balances accessibility with a strong feature set at an affordable price. It’s especially suitable for businesses that need to provide simultaneous access to multiple users.

The very fact that you’re reading this marks a milestone. Would you have been interested in a “cloud based” accounting application only a few years ago? Probably not. You were probably, like myself and most small business owners, still trying to get your arms around the cloud and doubting that you would ever entrust your most critical financial data to some outside company. But things have changed. Online, or cloud financial applications, are slowly but surely becoming the norm. Many small business owners are taking notice, particularly because of their benefits.

And the benefits are many: access from anywhere, integration with other popular third party cloud applications and banking software, better backup, quicker bug fixes, immediate access to upgrades. And, let’s face it: better security. No cloud provider, not even the Department of Defense, can provide 100% security against hackers. But with so many threats today many business owners are reluctantly agreeing that their financial data is probably better secured by a cloud provider whose business model is reliant on security than on their own server that’s looked after maybe once a month by their local IT guy.

And now we hit the next milestone: the first comprehensive book on the market that reviews the leading small business cloud accounting applications. It was released just last week in the form of an ebook, is called Online Accounting Software: Finding the Right Match and can be downloaded for $79.95 here. The book is produced by the Sleeter Group, an independent consulting firm that boasts 700 accounting experts who provide software and process consulting services to more than 300,000 small businesses. The company also produces reference books, webinars, seminars, and a very popular annual Accounting Solutions Conference and Tradeshow, among other services.

The ebook reviews these cloud accounting applications for micro and small businesses: QuickBooks Online, Xero, Cheqbook, Kashoo, Wave, Zoho Books, and FreshBooks. Here’s what I learned from reading it:

1. Online applications are not for everyone. Although the benefits are many, the book stresses that there are tradeoffs, including their dependence on a good internet connection and a culture that accepts less control over your data. As I’ll further describe below these applications mostly lack certain advanced features, have potential data and user limitations and contain less functionality for certain vertical industries.

2. The applications reviewed are still immature. Most do a good job handling the accounting basics, from invoicing to payables management to general ledger postings. But companies looking for more complex processing such as advanced inventory management, purchase order control, human resources, CRM and detailed fixed asset management are not good candidates for these products. End users looking for the ability to significantly customize the applications or implement advanced workflow processes will likely also find themselves disappointed.

3. The applications are mostly horizontal. Right now, they’re designed to handle the bookkeeping needs of most small businesses, regardless of their industry. But most small businesses I know have more industry specific requirements and will not have their needs addressed with these services. I’m keeping my eye on some of the up and coming online products not reviewed, like Plex for manufacturers and ServiceMax for people in the service industry, as well as bigger players like Intacct and NetSuite. The author’s approach for this book was to focus only on applications for micro-business, small business and invoicing. I’m not so sure they had much of a choice otherwise. There are few players on the market yet who do much else.

4. Online applications are positioned for an online world. They are all geared towards the mobile user, with access from iPhones, iPads and Android devices. They like to integrate with banks and online payment services. They are fighting with each other to partner with other online leaders like PayPal, Square, Bill.com and DropBox.

5. There are data and user limitations. As previously mentioned, the applications reviewed in this ebook are all geared towards micro and small businesses. To this end, the reviewers warn that even though some of the service providers say they can handle as many as a thousand transactions a month or even unlimited users you should still do your due diligence.

The book does a good job at breaking down and comparing the most popular deliverables offered by these applications and covers 18 categories of functionality including reporting, sales tax, inventory, job costing, payroll and fixed asset tracking in addition to the basic accounting and banking features. My only suggestion is to consider offering the book as a paid for monthly or annual service that’s continuously updated, just like the products it reviews. That way I can be assured of the most current information while I go through my research.

The Sleeter Group also steps up and names which online accounting products are the best for both the micro and small business categories. And who are the winners? Oh, wouldn’t you like to know.

There’s no substitute for an accounting pro who knows the ins and outs of tax law, but today’s desktop packages can help you with everything from routine bookkeeping to payroll, taxes, and planning. Each package also produces files that you can hand off to an accountant as needed.

Small-business managers have more accounting software options than ever, including subscription Web-based options that don’t require their users to install or update software. Many businesses, however–including those that need to track large inventories or client databases, and those that prefer not to entrust their data to the cloud–may be happier with a desktop tool.

We looked at three general-purpose, small-business accounting packages: Acclivity AccountEdgePro 2012 (both the product and the company were previously called MYOB), Intuit QuickBooks Premier 2012, and Sage’s Sage 50 Complete 2013 (the successor to Peachtree Complete). All three packages offer a solid array of tools for tracking income and expenses, invoicing, managing payroll, and creating reports.

These full-featured and highly mature programs don’t come cheap. Acclivity AccountEdge Pro, at $299, is the least expensive; and prices climb if you opt to use common time-saving add-ons such as payroll services, or if you add licenses for multiple user accounts.

All three are solid on the basics, but they have distinct differences in style and focus. The more you know about your accounting requirements, the more closely you’ll want to look at the software you’re thinking of buying.

Sage 50 Complete should appeal most to people who understand the fine points of accounting and can use the product’s many customization features (especially for businesses that manage inventory).

QuickBooks works hard to appeal to newbies who need only the basics and might be intimidated by the level of detail and technical language exposed in the other two packages. At the same time, it also has a slew of third-party add-ons that meet specific needs and greatly expand its capabilities.

AccountEdge Pro balances accessibility with a strong feature set at an affordable price. It’s especially suitable for businesses that need to provide simultaneous access to multiple users.

There’s no substitute for an accounting pro who knows the ins and outs of tax law, but today’s desktop packages can help you with everything from routine bookkeeping to payroll, taxes, and planning. Each package also produces files that you can hand off to an accountant as needed.

Small-business managers have more accounting software options than ever, including subscription Web-based options that don’t require their users to install or update software. Many businesses, however–including those that need to track large inventories or client databases, and those that prefer not to entrust their data to the cloud–may be happier with a desktop tool.

We looked at three general-purpose, small-business accounting packages: Acclivity AccountEdgePro 2012 (both the product and the company were previously called MYOB), Intuit QuickBooks Premier 2012, and Sage’s Sage 50 Complete 2013 (the successor to Peachtree Complete). All three packages offer a solid array of tools for tracking income and expenses, invoicing, managing payroll, and creating reports.

These full-featured and highly mature programs don’t come cheap. Acclivity AccountEdge Pro, at $299, is the least expensive; and prices climb if you opt to use common time-saving add-ons such as payroll services, or if you add licenses for multiple user accounts.

All three are solid on the basics, but they have distinct differences in style and focus. The more you know about your accounting requirements, the more closely you’ll want to look at the software you’re thinking of buying.

Sage 50 Complete should appeal most to people who understand the fine points of accounting and can use the product’s many customization features (especially for businesses that manage inventory).

QuickBooks works hard to appeal to newbies who need only the basics and might be intimidated by the level of detail and technical language exposed in the other two packages. At the same time, it also has a slew of third-party add-ons that meet specific needs and greatly expand its capabilities.

AccountEdge Pro balances accessibility with a strong feature set at an affordable price. It’s especially suitable for businesses that need to provide simultaneous access to multiple users.

Cheqbook Accounting Software Review – Simplified accounting solution that allows business owners to better understand how their companies are performing at any given time, enabling them to make more strategic business decisions about where to focus their resources

One-in-seven small business enterprises is still using outdated paper accounting methods, according to the Australian Bureau of Statistics, and that’s a statistic that needs to change. Simple accounting errors can cause businesses unnecessary headaches and unexpected expenses, as the fines that accrue when businesses make errors on their taxes and other important financial documents can run into the thousands. Cheqbook Accounting Software is a cloud-based platform that automates business accounting processes to reduce errors and makes it easier for business owners to manage their own books.

In this Cheqbook Accounting Software review, I will explain how the software works and describe which types of businesses would benefit the most from using cloud-based accounting tools. I will also delve into a few of Cheqbook’s most important features and offer insight into what differentiates the solution from competitors in the marketplace.

Cheqbook Accounting Software Review – About the Solution

Cheqbook Accounting Software is a cloud-based accounting solution created to meet the needs of small and medium-size businesses with less than $2 million in annual revenue. Built at an accounting firm when no other similar cloud accounting solutions existed, Cheqbook enables its users to manage their books faster and more accurately.

By managing their books in the cloud, business owners who use Cheqbook are able to get real-time insight into the health and vitality of their companies. With this additional information, business owners can make smarter decisions about how to allocate their business resources.

Main Functionality of Cheqbook Accounting Software

Put away the paper ledger book and close up your Excel spreadsheet. When you use Cheqbook and sync your bank accounts and credit card accounts to the platform, transactions are automatically downloaded and categorized on your behalf using a feature known as AccuScore Smart Categorization. Cheqbook then color codes each transaction to show the quality of the categorization, enabling users to quickly review their accounts in minutes rather than hours.

The longer you use Cheqbook, the smarter the application becomes. The solution provides tools that businesses can use to invoice customers by mail or email, accept online payments, and run balance sheets and other reports. Using Cheqbook allows business owners to quickly pay bills, including printed checks, and track personal expenses separately from their unrelated business items. Users can even do periodic bank reconciliations to make sure their accounts are always on track.

Benefits of Using Cheqbook Accounting Software

Cheqbook users save an average of 80 hours each year thanks to the company’s Accuscore categorization solution. Because Cheqbook uploads transactions for its users and categorizes transactions automatically, rather than requiring users to manage the process by hand, the system enables business owners to spend more time managing the marketing and operational issues that impact the health of their companies. This is on top of the fact that using Cheqbook increases the accuracy of a business’ financial books, thus decreasing the financial burden that can be caused by accidental calculation and data transcription errors.

The Basics: What Does the Interface Look Like?

Get started with Cheqbook by syncing your bank accounts to the web-based system. The application works best when you sync your bank accounts and credit card accounts into the platform. After you’ve successfully synced those accounts, Cheqbook will automatically import and automatically categorize your transactions each day.

Window to connect your bank account

If you’re unable to connect your bank or credit card to Cheqbook, you can still use software. Just download your transactions manually and upload them into the Cheqbook each morning. You also have the option to enter your transactions by hand.

You can upload transactions manually

Visit the dashboard to get a complete look at your company’s financial health in real-time. Cheqbook provides you with a look at your account balances, active invoices, and current bills.

Main dashboard

To collect money from clients or customers, create invoices using Cheqbook’s tools. Cheqbook lets you send invoices by mail or email, and you can accept payments online with PayPal or Stripe.

Interface to create invoices

Support Information

Cheqbook understands that business accounting can be complicated, which is why the company has created an expansive support center to answer virtually any query a user may have. Search the support forums by keyword or browse by topic. To get an answer to a more specific question, submit a request that includes your question, relevant details, and your contact information. A representative from Cheqbook will get back to you with a response as quickly as possible.

Pricing Information

Typically, Cheqbook pricing starts at $19.75 for one company with an unlimited number of users. Currently, however, the company is running a promotion that costs $9.87 for the first 12-months.

Cheqbook Accounting Software Review – The Bottom Line

Cheqbook differentiates itself from other cloud-based accounting platforms in two main ways. Firstly, the company has developed a unique Accuscore categorization system that uses a combination of personal data and crowd sourcing to automatically categorize transactions as they are imported into the cloud-based system. Secondly, the solution stands apart with its intuitively designed user interface. The color-coded categorization system quickly shows users where they should focus their attention.

Cheqbook operates in real-time. This means that small business owners can better understand how their companies are performing at any given time, and it enables those users to make more strategic business decisions about where to focus their resources. Cheqbook is an excellent solution for small and mid-size businesses, however its features may not be robust enough for companies that are vastly larger in size.

Small business accounting software automates tasks and can save you hours of bookkeeping time, and here are the best selections.

Looking for help with deciding which small business accounting features you need?

1. NolaPro (Online)

NolaPro is online accounting software with the features needed by most small businesses and an easy-to-use interface. NolaPro has a free version that works for many small businesses, and if you need more features, you can upgrade for as little as $10/month.

Accounting features in NolaPro include:

Order entry

Inventory

Payroll

Point-of-sale support

Ecommerce tools

Keep separate books for multiple companies

No data restrictions, banners, spyware or nag screens

Services for an additional cost include live 24/7 support, financial auditing, on-demand hosting, and customization of NolaPro for specific requirements.

QuickBooks is popular accounting software that has been around for years and is updated annually. QuickBooks has versions for small business on up to big business environments, secure data sharing with an accountant, and integration with Microsoft Outlook.

QuickBooks desktop accounting software has industry-specific versions and plug-ins to extend features, and if you prefer web-based accounting software, there is QuickBooks Online. QuickBooks Simple Start Online is specifically for very small businesses.

Peachtree accounting software has four versions to meet the needs of a variety of businesses, including Peachtree Pro for small businesses. Peachtree also has versions for nonprofit organizations, manufacturing, construction and other industries.

Peachtree integrates with ACT! contact management software and a variety of add-on services are available to extend features, like payroll and merchant accounts. At the time this was written, I could find no online accounting software from Sage.

Cost depends on version: $229/$299/$499

4. LessAccounting (Online)

LessAccounting is web based accounting software for small business that has been evolving with more robust features while keeping the focus on simple.

LessAccounting imports contact information from Basecamp, Highrise and Gmail, imports data from Quicken, QuickBooks or banks that support QIF or QFX data imports.

Cost: $30/month.

5. GnuCash Free Accounting Software (Windows, Mac, Linux)

GnuCash is free open source accounting software with continued development since 1999.

GnuCash runs on Windows, Mac, Linux and other platforms, has been translated in over 20 languages and utilizes double entry accounting.

Small business accounting features in GnuCash include:

accounts receivable and accounts payable

customer and vendor tracking

invoicing

tax and billing terms

payroll

depreciation

6. Sage Simply Accounting First Step (Windows)

Simply Accounting First Step is from Sage, the same company that sells Peachtree Accounting. While it lacks quite a few features found in higher versions, Simply Accounting First Step includes support for bill payments, invoicing and tracking expenses, and more fully-featured versions are available.

Cost: Simply Accounting First Step retails for $69.99 and has a free 30-day trial, and you can download Simply Accounting First Step to give it a try for free. Another $120 buys job tracking, inventory functions and more features in Simply Accounting Pro. Read More on Facebook Page

7. NetSuite Financials (Online)

NetSuite Financials is web-based accounting software that also helps with managing many other aspects of a business. Depending on the version, Netsuite offers modules for finance, customer relations management and marketing, payroll and employee management, web site development and eCommerce.